The privatization of Pakistan International Airlines (PIA) has again hit a roadblock as the majority of potential bidders have requested more time, Bloomberg reported.
A new bidding date of October 1 has been proposed – the federal government initially aimed to finalize the PIA sale by August 14.
Bidders have expressed concerns over the ongoing ban on PIA flights to Europe and are still waiting for the airline’s audited accounts and a draft shareholding agreement. The bidding process includes companies such as Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium.
The Privatisation Commission has not yet provided an updated schedule. Finance Minister Muhammad Aurangzeb had previously hoped to conclude the privatization by July. The government of Pakistan had announced plans to sell a stake ranging from 51-100 percent in the struggling airline, aligning with reforms recommended by the International Monetary Fund (IMF).
A court in Karachi has issued arrest warrants for popular social media influencer Sahil Adeem…
The National Assembly Secretariat announced on Friday the updated party composition, officially removing the Pakistan…
Pakistan is keen to enhance cooperation with Russia in various sectors, including trade, energy, connectivity,…
Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan has declared the upcoming rally at Minar-i-Pakistan in Lahore…
The federal government is preparing to introduce the Supreme Court Practice and Procedure Amendment Ordinance…
The government is considering a proposal to establish a new steel mill in Karachi in…
This website uses cookies.